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Exercise 7-14 Your answer is incorrect. Try again. Nayak Company has recorded the following items in 1 answer below » Exercise 7-14 Your answer is incorrect. Try again. Nayak Company has recorded the following items in its financial records. Cash in bank $41,000 Cash in plant expansion fund 100,000 Cash on hand 8,000 Highly liquid investments 34,000 Petty cash 500 Receivables from customers 89,000 Stock investments 61,000 The cash in bank is subject to a compensating balance of $5,000. The highly liquid investments had maturities of 3 months or less when they were purchased. The stock investments will be sold in the next 6 to 12 months. The plant expansion project will begin in 3 years. What amount should View complete question » Exercise 7-14 Your answer is incorrect. Try again. Nayak Company has recorded the following items in its financial records. Cash in bank $41,000 Cash in plant expansion fund 100,000 Cash on hand 8,000 Highly liquid investments 34,000 Petty cash 500 Receivables from customers 89,000 Stock investments 61,000 The cash in bank is subject to a compensating balance of $5,000. The highly liquid investments had maturities of 3 months or less when they were purchased. The stock investments will be sold in the next 6 to 12 months. The plant expansion project will begin in 3 years. What amount should Nayak report as “Cash and cash equivalents” on its balance sheet? Cash and cash equivalents $ 328,000 is wrong and so is 78,500 Can anyone help me solve this one? I’m stuck View less » Jul 28 2015 10:52 AM
